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2021 (6) TMI 364 - AT - Income TaxAddition u/s 68 - unsecured loan received from three firms belongs to assessee group - addition on the ground that said loan transactions are nothing but accommodation entries of assessee own unaccounted income in form of unsecured loans - HELD THAT:- As assessee has discharged burden caste upon u/s. 68 of the Act to prove unsecured loans received from M/s.C.K.Exports, M/s. Mehta Motors & General Finance Company and M/s. Swastic Trading Corporation. AO as well as learned CIT(A) without appreciating the evidences filed by assessee has simply made additions on suspicious ground that said sum was undisclosed income of the assessee. Hence, we set aside the order of learned CIT(A) and direct the Assessing Officer to delete additions made towards unsecured loans received from three entities. Appeal filed by the assessee is allowed.
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